Published: June 15, 2010
The company owns North America’slargest interstate natural gas pipeline system and one of North America’slargest independent natural gas producers. For more information, visit and Media RelationsBruce L. ConneryVice PresidentOffice:(713) 420-5855Media RelationsBill BaergManagerOffice:(713) 420-2906Copyright 2009, Market Wire, All rights reserved.-0-. May 6 (Reuters) – Norwood Promotional Products HoldingsInc, which makes custom drinkware, bags and gifts imprintedwith corporate logos, filed for Chapter 11 bankruptcyprotection on Tuesday and said it has a deal to sellsubstantially all its assets to Promotional Holdings LLC, courtdocuments showed. Bankruptcy Promotional Holdings will serve as the stalking horse bidin a bankruptcy auction for the company, Norwood said. A “stalking horse” makes the lead bid at a bankruptcyauction and creates a floor for the bidding, in exchange forcertain protections that often include break-up fees.
In a court filing, Norwood said tightening credit marketshad made it increasingly difficult to refinance its debt andrecapitalize its balance sheet. “In addition to directly impacting Norwood, thesemacroeconomic factors have also materially impacted Norwood’scustomers and end-user advertisers,” the filing said. Norwood added that the economic crisis began at a”particularly inopportune time” as the company’s financialposition was already vulnerable due to the flooding of itsCedar Rapids manufacturing facility in June 2008. The company said it employed anywhere between 1,800 to2,200 people depending on the season.
Indianapolis, Indiana-based Norwood said the book value ofits assets totaled about $150.3 million while its liabilitieswere valued at about $205 million as on Dec 31, 2008. Norwood was founded in 1989 and is one of the leadingsuppliers of imprinted promotional products, according to thecompany’s website. The case is In re: Norwood Promotional Products HoldingsInc, U.S Bankruptcy Court, District of Delaware No.09-11547. (Reporting by Santosh Nadgir in Bangalore; Editing by HimaniSarkar) Bankruptcy. HOUSTON–(Business Wire)–Kraton Polymers LLC (Kraton), a leading global producer of engineered polymers,announces that it has scheduled a conference call on Thursday, May 14, 2009 from9:00-10:00 a.m Central Time (10:00-11:00 a.m. Eastern Time) to discuss firstquarter 2009 financial results.